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of <h1>GeM Partners with Central Bank of India to Boost Payment Services, Supporting Paperless and Cashless Transactions for MSMEs.</h1> The Government e-Marketplace (GeM) has partnered with the Central Bank of India to enhance payment services on its platform. This collaboration allows the bank to offer services such as fund transfers through GeM Pool Accounts, electronic Performance Bank Guarantees, and Earnest Money Deposits to users. The initiative supports GeM's aim for a paperless, contactless, and cashless system, complementing existing agreements with 18 other banks. GeM is also working on bill discounting and working capital financing, particularly benefiting MSMEs by linking credit costs to seller performance ratings. Additionally, GeM plans to simplify EMD compliance for sellers.
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